New York, May 17, 2023 (GLOBE NEWSWIRE) -- The medical imaging market size is expected to be worth around USD 48.8 Bn by 2032 from USD 29.2 Bn in 2022, growing at a CAGR of 5.4% during the forecast period from 2022 to 2032.
Medical imaging techniques help in the visualization of body organs internally, allowing better care for patients. It is an essential component of the healthcare industry meant for better diagnosis and to contribute to treatment planning.
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Key Takeaway:
- By type, the X-ray segment dominated the market with the largest revenue share in 2022.
- By applications, the orthopedic segment held the largest market share globally.
- By end-user, the hospital's segment accounted for a significant revenue share of the total market in 2022.
- In 2022, North America dominated the market with the highest revenue share of 36.0%.
- Asia-Pacific is expected to be the fastest-growing market from 2023-2032.
The market expansion of medical imaging is mainly influenced due to the factors such as growing demand for early detection tools, growing prevalence of lifestyle-related diseases, rising technological advancements, increased investment as well as reimbursement initiatives undertaken by the various government, as well as expansions of new facilities by major players in emerging countries.
Factors Affecting the Growth of the Global Medical Imaging Market
There are several factors that can affect the growth of the medical imaging market. Some of these factors include:
- Integration of imaging modalities: It is anticipated that the growth of the medical imaging market and also robot-assisted surgery systems will likely benefit from the integration of imaging modalities with advanced surgical suit manufacturers.
- Rising doctor’s preference for AI-based assistance: The increase in awareness of the benefits associated with AI techniques and their wide applications has resulted in the higher implementation of AI in the medical diagnostic sector.
- Rising incidence of chronic diseases: The rising incidence of chronic diseases in emerging economies is expected to offer significant growth opportunities in the near future, which can be highly attributed to market expansion.
- Rising competition: The entry of multinational healthcare service providers is resulting in high competition and high demand for world-class healthcare services. As a result, the market is expected to grow more significantly during the forecast period.
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Top Trends in Global Medical Imaging Market
The rising awareness of the benefits associated with AI techniques and their broad applications has led to the high implementation of AI in the medical diagnostic sector. AI-based medical technologies considerably help doctors and clinicians in their decision-making concerning diagnosis and treatment. Therefore, doctors are more inclined towards the adoption of these near-to-accurate, cost-effective, and safe solutions compared to the traditional ones, which, in turn, propels market growth. As a result, a higher number of market players are involved in partnerships and collaboration to offer advanced technologies to their consumers, thereby fueling market growth.
Market Growth
The market growth can be highly attributed to the increasing aged population, a rise in the cases of chronic diseases, and the growing trend of preventive, diagnostic practices. Moreover, the medical imaging market has witnessed significant growth during the COVID-19 pandemic owing to the importance of medical imaging in the diagnosis and in deciding the treatment of severe COVID-19 infections. However, frequent product recalls in medical imaging equipment are expected to impede market growth.
Regional Analysis
North America accounted as the dominant region in 2022, with the highest revenue share owing to favorable reimbursement policies and funding from major market players. This results in the higher adoption of advanced and high-end medical imaging equipment. Moreover, the growth of the regional market can be attributed to the large number of industry players and the frequent introduction of new products in this region. The Asia Pacific market is anticipated to expand at the fastest CAGR during the forecast period owing to the rising incidence of chronic diseases and the increasing popularity of advanced medical imaging. Additionally, it is anticipated that a growing number of local manufacturing units will likely offer diagnostic units at reasonable prices.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 29.2 Billion |
| Market Size (2032) | USD 48.8 Billion |
| CAGR (from 2023 to 2032) | 5.4% |
| North America Revenue Share | 36.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The market for medical imaging has grown as a result of recent innovations and technological advancements. Specialists in the medical field make extensive use of medical imaging techniques for the purpose of diagnosing diseases and providing guidance for treatment. The surgical views provided by the true 3D software help to reduce the occurrence of unexpected situations during the performance of surgeries, helping the surgeons to give precise care to the patient. Better patient care is made possible by breakthrough innovations such as (AI) artificial intelligence and (VR) virtual reality that are combined with three-dimensional imaging, thereby facilitating the expansion of market share. Also, these advancements make disease finding and treatment more favorable by facilitating accurate and early disease detection. Additionally, the new approaches to portable and wearable scanners, nuclear imaging, etc., are predicted to further accelerate the growth of the medical imaging market.
Market Restraints
Frequent product recalls in medical imaging equipment are the major factor predicted to hamper the market growth of medical imaging during the forecast period. This has led to the decreased adoption of innovative and new equipment in several countries. Several domestic and established players have entered the market, offering low-cost and refurbished equipment to global healthcare facilities. This is combined with the presence of largely refurbished equipment in the market, especially in developing markets such as India and China. The overall cost-benefit of these refurbished devices for medium and small-sized healthcare facilities is in a higher ratio, which has resulted in lower adoption.
Market Opportunities
Emerging economies such as China, India, South Korea, Brazil, Russia, Turkey, and South Africa are offering higher growth opportunities for the key market players in the medical imaging market. The rising incidence of chronic diseases such as stroke, cancer, cardiovascular, and neurological diseases, as well as the higher mortality rates in these countries, face the need for early disease detection. Although the cost factor is a major concern in these emerging countries, their large population bases, especially in China and India offer sustainable growth in the market for medical imaging devices.
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Report Segmentation of the Medical Imaging Market
Type Insight
The X-ray segment dominated the global medical imaging market in 2022 with a significant revenue share due to the rising utilization of X-rays in diagnostic centers and hospitals. The demand for X-rays is rising due to advancements in DR (digital radiography). X-rays are painless, non-invasive, and take less time, making them ideal for immediate diagnosis and deciding treatment. The CT Scan segment is projected to grow at the fastest CAGR over the forecast period owing to high demand for (POC) point-of-care CT devices and the development of high-precision CT scanners due to the integration of AI & ML as well as advanced visualization systems.
Application Insight
The orthopedics segment dominated the global market for medical imaging in 2022 with a significant portion of the market share and is anticipated to expand potentially over the forecast period. This significant market share can be highly attributed to the rise in medical imaging technologies such as X-rays, MRI, CT scans, and ultrasound, as it plays a crucial role in the diagnosis and treatment of orthopedic conditions such as joint injuries, degenerative bone diseases, and fractures.
End-User Insight
The hospital's segment is estimated to be the most lucrative segment in the global medical imaging market, with the largest revenue share in 2022. The entry of multinational healthcare service providers is the main reason behind this growth. Additionally, this segment is expected to grow owing to the integration of surgical suits with imaging technologies and the rising demand for advanced imaging modalities. Furthermore, the segment's growth is anticipated to be fueled by rising competition and rising demand for world-class healthcare services in the coming years.
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Market Segmentation
By Type
- Ultrasound
- Computed Tomography (CT Scan)
- Magnetic Resonance Imaging (MRI)
- X-Ray
- Other Types
By Application
- Orthopedics
- Neurology
- Cardiology
- Oncology
- Gynecology
- Other Applications
Based on End-User
- Hospitals
- Diagnostic Imaging Centers
- Specialty Clinics
- Other End-Users
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The major market players are largely focused on implementing various growth strategies, thereby supporting the market growth of the medical imaging market. The development process is sped up, and market competition is intensified as a result of such collaborations and technology exchanges, resulting in sophisticated but cost-effective imaging systems. In addition, they are involved in increasing investments, mergers & acquisitions, partnerships, and competitive pricing.
The competitive landscape of the market has also been examined in this report. Some of the major players include
- FUJIFILM VisualSonics Inc.
- Koninklijke Philips N.V.
- Siemens Healthcare GmbH
- Mindray Medical International Ltd
- Hologic, Inc.
- Canon Medical Systems Corporation
- Samsung Medison Co., Ltd.
- Cubresa Inc.
- Esaote SpA
- Other Key Players
Recent Development of the Medical Imaging Market
- In April 2022, The next-generation Revolution Aspire CT scanner was launched by Wipro GE Healthcare. It is an advanced imaging solution that is manufactured and designed end-to-end in India.
- In July 2022, The Vantage Fortain MRI System at ECR 2022 was launched by Canon Medical. This MRI system features innovative workflow solutions, accelerated scan technology, and image enhancements, which together contribute to reducing the time required for MRI.
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- Medical Imaging Reagents market is projected to reach a valuation of USD 22,195.27 Mn by 2032 at a CAGR of 5.05%, from USD 13,561.25 Mn in 2022.
- Medical Digital Imaging System Market was worth USD 16,200 million in 2021. It is expected to grow at a 7.6% CAGR between 2023 and 2032.
- Pediatric Medical Devices Market was valued at USD 30.4 Billion. Between 2023 and 2032, this market is estimated to register a CAGR of 9%. It is expected to reach USD 70.7 Billion by 2032.
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